I think superheroes in general as a cultural force are spent for now. Sure, there are still projects in the works - many of which were launched while superheroes were still booming - but it's mostly over. I think the idea of superheroes as a big deal in culture has entered its twilight time. Most of the TV series will end up cancelled and a lot more superhero projects in development are going to be killed and they won't vanish completely. We'll maybe only see a small handful of big budget comic book movies a year. Like, when one or two would hit the theaters a year in the 00s. Will capes get a second wind, a revival? Maybe, but it'll be a long time before that happens. Blame the market being oversaturated, to an unprecedented amount, that sucked a lot of the fun, the magic and the other things that made superheroes "super" out of the genre. Too many greedy pigs at the trough.
Younger readers prefer manga to superhero comics, the later superhero-wave cape movies started hummed along more on hype and spectacle, and the TV shows are either underperforming or getting axed. Most of those shows, especially the CW series, look cheap and junky, even by CW standards. It's been a bloodbath over there at the CW, a lot of shows that most people didn't know were on, or still on, getting gutted. And frankly, good riddance to most of them, recycled concepts redone by the most fumble-fingered hacks.
The "wokeness" was not a cause of this, more of a sign of the decline as hucksters and snake-oil sellers and maybe some unhinged true believers too slithered their way into the business and meat headed executives at the publishers and studios were led to believe that woke was the wave of the future and they needed to catch it. People at the Big Two assured themselves and others that forced diversity, girlbossery, and swapping races and genders of characters and jamming in political rants would sell so many comics they'd have to set up new tree farms just to provide for all the paper they'd need to meet the demand. It would result in reaching new demographics, the clueless people were told, and told themselves. All it did was allow a lot of talentless hacks and toxic people to secure employment for a while, people who thought alienating the actual audience who pay money for comics and movies, etc. was a sound marketing tactic.